You know the ones–what’s your ethnicity? How many years of schooling do you have? Are you involved in a lawsuit? How old are you? What’s your marital status? Why can’t lenders mind their own business? Aren’t there laws about discrimination? Continue reading ‘Why Do They Ask Those Rude Questions on My Mortgage Application?’
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Loading ...Lease options, otherwise called rent-to-own transactions, can help you buy a home you want when you can’t make the purchase right away because your credit isn’t up to snuff, you need more time on your job to get your mortgage, or you’re still saving your down payment. They can also empty your wallet and make you homeless! So enter these transactions carefully. Continue reading ‘Bad Credit? Lease Option Can Be Great Option–But Avoid Scams.’
(9 votes, average: 4.89 out of 5) Loading ...What does it mean when a lender claims he or she is “absorbing your mortgage costs”? Or what about an advertisement offering “No Cost” mortgages? Of course, there are costs associated with getting a home loan–a lot of costs. And the lender has to disclose them to you on a form called a Good Faith Estimate (GFE). So, when a lender claims it is absorbing your costs or “giving” you a “no-cost” loan, you will see a bunch of fees on your GFE. Then, the form shows all these fees being reversed or designated “paid by lender.” Continue reading ‘In Mortgage, Sometimes There Is a Free Lunch’
(11 votes, average: 4.91 out of 5) Loading ...I created a previous post called “Second Mortgage Holder Jerking You Around?” that addressed the difficulties homeowners were having getting mortgages modified or short sales approved, despite the intentions of their first mortgage holders.That’s because no matter what was done to save the homeowner (and 50% of problem mortgages have second liens attached on there too) from foreclosure, the second lien holders were going to be screwed and so there was no reason for them to cooperate. And there was always some small chance that they might recover something if they dug in their heels. That’s changed. Continue reading ‘New Help for Those in Trouble with Second Mortgages’
(8 votes, average: 4.75 out of 5) Loading ...In today’s economic turmoil, people are changing jobs and residences faster than NASCAR crews change tires. So how does that affect your ability to get a new home once you’ve found that new job? It depends. Continue reading ‘How Long Do I Need to Have My Job to Get a Home Loan?’
(10 votes, average: 5 out of 5) Loading ...This looks like an IRS form, doesn’t it? But look closer. It’s a solicitation from a company (that doesn’t even provide its name or address) trying to get you to sign on with a dubious mortgage “help” service. Don’t even think of signing up with a company that would resort to such tactics. Especially to perform services that you can do yourself for free. Call (800) 569-4287 to find a HUD-approved counselor near you.
Continue reading ‘Fraud: Is this What it Looks Like?’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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